Singapore Apr petrochemical exports up 1.4%; NODX surges 12.4%

SINGAPORE (ICIS)–Singapore’s petrochemical exports in April rose 1.4% year on year to Singapore dollar (S$) 1.13 billion ($868.6 million), amid continued overall frontloading activities by exporters, official data showed on 16 May.

• Petrochemical exports rise 1.4%
• April NODX rises 12.4% year on year
• 2025 NODX outlook raised to 2.0-4.0% – UOB

April non-oil domestic exports (NODX) grew by 12.4% year on year, up from the 5.4% growth in the previous month, Enterprise Singapore (EnterpriseSG) said in a statement.

Meanwhile, NODX grew by 5.6% in the first four months of 2025.

Non-electronic NODX, which includes pharmaceuticals and chemicals, rose by 9.3% year on year in April.

NODX to eight of Singapore’s top 10 export countries expanded in April 2025, but NODX to China, and Malaysia contracted, EnterpriseSG said.

OUTLOOK
While a de-escalation of a trade war between the US and China that began on 14 May came as a surprise, risk may now be “asymmetrically skewed” towards higher tariffs following the 90-day expiry on reciprocal tariffs on the rest of Asia, said economists at Singapore-based UOB Global Economics & Markets Research.

Economists revised up Singapore’s full-year 2025 NODX forecast to the range of +2.0-4.0%, from -4.0% previously, noting that the situation remains fluid.

“There are likely to be some payback effects from front-loading,” UOB added, noting it could result in an even more protracted downturn in trade activity, possibly in 2026.

Focus article by Jonathan Yee